@Value Huntercant say for sure. struck by how straight up all...

@Value Hunter

cant say for sure. struck by how straight up all the oil stock moves have been. its been 30+% in a 30-60 degree angle for nearly every stock

the question is what happens if oil keeps rising but market makers derate the stocks for a while - that kind of divergence is the kind of thing they do to milk us. nothing causes more head scratching than rising oil and falling company sps

one of those times we just have to watch the action and then work out what it told us after the event

org hit its 38.2% fib retrace today - but its in a falling trend - so i cant get net long until it breaks that short term downtrend

6.73 is the 61.8% fib retrace

the overall shape of ORG's chart suggests to me its a reverse head and shoulders - and that whatever short term low is will be followed by a big rip north

the 'right shoulder' should be around 7 - so thats the other key level id be looking for

chart patterns tend to be the most powerful/trusted drivers of sp action. but patterns are a 'shape' price trend indicator but dont give you exact price points for inflections

but what we saw today in CGF is a good example of how powerful chart patterns are - that was one hell of a move

i think ORG could see the same once it makes the next trend move north. but first - its gathering strength by pulling back